Trio deregistration claims ‘false’

The liquidator of Trio Capital has denied claims that it will hold a vote to deregister Trio or any of its funds at a creditors' meeting in Sydney this morning.

PPB Advisory, which is acting as the liquidator, has responded to a statement issued by advocacy group Victims of Financial Fraud (VOFF) which states that during a meeting in Sydney today, the liquidator intends to deregister a number of funds, including the Astarra Strategic Fund.

PPB Advisory said the claims within the statement are “factually incorrect” and it had no plans to deregister the Astarra Fund or any other funds for which Trio Capital was the responsible entity.

“The purpose of the meeting is to discuss both the conduct of the liquidation and investigations undertaken regarding each fund now that all known assets have been realised and investigations finalised,” PPB Advisory said.

PPB added that it will seek to finalise the winding up of the schemes over the next four months.

“The liquidators have been advised that this will not impact any future action of the relevant authorities,” the statement said.

In a statement issued by VOFF, however, the advocacy group said PPB Advisory would deregister the Astarra Strategic fund and if that were to happen, it would prevent any legal action being taken.

“De-registration of [the fund] would be the end game of this massive transnational fraud,” VOFF vice-president Paul Matters said.

“Not only would have the criminals avoided criminal prosecution due to the shear incompetence of ASIC but will now be finally let off the hook completely, in regards to restitution to the victims and the $178 million the criminals stole,” he said.

VOFF also called on PPB Advisory to keep the fund registered and to launch “restitution action against Global Consultants and Services Limited which was the ultimate controller of the Trio Capital Group and ultimate controller of the scheme”.

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